Stainless Steel News, Daily Nickel Price, Molybdenum, Ferrochrome, Metal Pricing, Stainless Steel Scrap Prices
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$9.52/lb
($20,980/tonne) and Tuesday’s session at$9.59/lb
($21,140/tonne). Indicators at 6:00 am CST today show nickel trading around $.12/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and rose on Tuesday and started today’s session just over the 37,550 tonne level. 36,810 tonnes, recorded for June 18th, remains the lowest the LME has reported in many years. Shanghai nickel continues to follow the LME, down on Monday to 164,810 y/t and up overnight to 165,370 y/t. LME nickel is back down below $21,000/tonne this morning as the bulls and bears war over the level. Lot of news over the past two days, so we leave you with it. Also a reminder – if you send us an e-mail, the words “stainless steel” must be in the subject line, or its automatically marked as spam by our server and deleted. Stay safe out there and have a great hump day! - Average price of LME traded cash nickel so far this month – $9.38/lb
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Reports
Industrial output of China’s steel sector up 5.5 percent in H1 – In the January-June period this year, the value-added industrial output of the ferrous metal smelting and rolling sector in China recorded a year-on-year rise of 5.5 percent ….. – more
- China’s nickel and stainless steel market expected to rebound in H2 2023 – more
Taiwan’s major upstream stainless steel mills expected to raise prices for Aug – Supported by China’s policies and rebounded nickel prices, Taiwan’s major upstream stainless steel mills, Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., were expected to raise or maintain their prices for August. – more
Merafe’s ferrochrome output slips 9% – Merafe Resources, the junior empowerment partner in a chrome joint venture with Glencore, said yesterday that the attributable ferrochrome production from the Glencore Merafe Chrome Venture for the six months ended June 30 decreased by approximately 9% compared to the prior comparative period. – more
Luhut Reveals Alleged Illegal Export of Nickel to China – Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan said the Corruption Eradication Commission (KPK) is investigating the alleged illegal export of 5.3 million tonnes of nickel ore to China. He asked the public to wait for the results. – more
- Indonesia, EU gear up for trade clash over nickel ore export ban – more
Indiana awarded $109m pay-out from Tanzania – The government of Tanzania has been ordered to pay more than $109.5-million in restitution to ASX-listed Indiana Resources for the reported “unlawful expropriation” of the company’s Ntaka Hill nickel project. – more
Russia’s stainless steel imports climb by 45% in Jun y-o-y – According to statistics released by the Russian Special Steel and Alloys Consumers and Suppliers Association (SpetsStal Association), Russia imported around 42,000 tons of stainless steel in June, falling by 9% compared to the previous month and rising by 45% from the same month a year ago. – more
Glencore to buy remaining 18% stake in PolyMet Mining – PolyMet Mining Corp on Monday accepted Glencore Plc’s proposal to buy the remaining 18% stake in the company for about $73 million. – more
Indonesia’s Coal Burning Hits Record High — And ‘Green’ Nickel Is Largely Why – Indonesia burned 33% more coal in 2022 than the year before, contributing to a 20% increase in the country’s carbon emissions from fossil fuels, an analysis of official data shows. – more
Courtesy AISI – In the week ending on July 15, 2023, domestic raw steel production was 1,716,000 net tons while the capability utilization rate was 75.5 percent. Production was 1,721,000 net tons in the week ending July 15, 2022 while the capability utilization then was 78.1 percent. – more
Other News
- Explorer Victor Vescovo says deep sea mining numbers don’t add up – more
- Tendele coal mining rights were ‘unlawful and invalid’ – yet judge rules they remain legal – more
- US Renewables Tracker:: ERCOT back on top in Q1 for total renewable generation output – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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